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Market: AIM
Sector: Pharmaceuticals & Biotechnology
EPIC: HML
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Henderson Morley plc
www.henderson-morley.com
Henderson Morley plc is engaged in the development of drugs and vaccines for the pharmaceutical industry. The Company has a pipeline of clinical and pre-clinical candidates in a range of disease areas, including skin warts; verrucae (warts on the feet and toes); herpes simplex infections of the mouth and genitalia, and eyes; adenovirus infection of the eyes, and recurrent respiratory papillomatosis (RRP). It also has vaccine development programme targeted at viruses, which include herpes simplex, cytomegalovirus and Epstein Barr Virus. The PREPS and L-particles technology is being developed as an immunotherapy for various forms of cancer in both humans and companion animals. It is developing laboratory reagents using marker viruses and vaccine adjuvants.
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Henderson Morley and KMS start due diligence prior to US$5m IP license deal

12th Mar 2010, 2:02 pm Henderson Morley and KMS start due diligence prior to US$5m IP license deal

Henderson Morley (AIM: HML) (HML) and KMS Therapeutics have commenced a 9 week due-diligence period ahead of a potential license agreement. Following an earlier agreement on 19 February, the companies have signed a further letter of intent (LOI) in respect of the intellectual property rights of HML’s ionic contra-viral therapy (‘ICVT’) human portfolio.

"That these negotiations have moved to a detailed and formalised LOI is very encouraging for both parties”, Henderson Morley chairman Andrew Knight said. “We look forward to ensuring that the due diligence proceeds as quickly as possible".

Subject to satisfactory due diligence, KMS will pay an initial US$1.3m payable on the commencement of the licence agreement. In total KMS will pay up to US$5m in , based on certain development milestones, additionally, HML will be entitled to double-digit royalties payable on commercialisation. Under the terms of the LOI, KMS will assume all costs for patent protection from date of licence.

The latest LOI also states that HML will not execute any other agreements with any other parties in respect of the ICVT applications, during the due diligence period, without first informing KMS of its intentions.

KMS was established by a number of former Merck Generics senior executives, including former CEO Hank Klakurka, former Global R&D director Steve Self and former chief legal counsel Martin Marino. KMS currently has four development projects in its pipeline, one of which is a respiratory project and the other three are anti-infectives.

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